Eastman Chemical wins EU approval for Solutia buy

BRUSSELS Fri May 25, 2012 5:45am EDT

BRUSSELS May 25 (Reuters) - Eastman Chemical Co secured EU approval on Friday for its $3.4 billion acquisition of Solutia Inc, a provider of chemicals for products ranging from iPads to tyres.

The European Commission, the EU's competition watchdog, said it had investigated the impact on the market of the company's respective materials for making polyvinyl butyral (PVB) sheet.

"The Commission found that post-transaction, the merged entity would continue to face competition from a number of strong competitors," the Commission said in a statement.

Eastman said in January the merger would add to earnings immediately and the combined group would save about $100 million a year in costs by the end of 2013.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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